To get the most accurate information about your specific UPI transaction limits : Check with your bank: Their website, mobile app, or customer service will provide the most up-to-date limits applicable to your account. Check your UPI app: Payment apps like PhonePe, Google Pay, etc., might also display your transaction limits . Income Tax Implications of UPI Transactions and E-Wallets In the modern era of digital payments, the introduction of Unified Payments Interface ( UPI ) in India has marked a significant leap towards a cashless economy. UPI enables users to utilize their smartphones as virtual debit cards, eliminating the need for physical cash or cards for transactions . This system, introduced in 2016, allows individuals to link multiple bank accounts to a single smartphone app and conduct fund transfers ... The latest UPI transaction limit for tax payments has been increased to ₹5 lakh per transaction , up from the previous limit of ₹1 lakh, by the National Payments Corporation of India (NPCI). This change is effective from September 16, 2024. Learn about the income tax implications on UPI transaction limits . Understand rules, exemptions, and how high-value transactions are taxed.
